LAS VEGAS - March 24, 2005 -- The Red Rock Resort Spa Casino today
reached a significant construction milestone as the last steel beam and
an American flag were hoisted to the top of the luxury resort. Representatives
from Station Casinos, Inc. (NYSE: STN) and Perini Building Company, a wholly
owned subsidiary of Perini Corporation (NYSE: PCR) joined more than 800
craftspeople at the topping out ceremony.
"While today marks a significant step in the construction of Red Rock
Resort Spa Casino, it is also an opportunity for us to show our appreciation
to all of those who have contributed their artistic and trade expertise
to this facility," said Glenn Christenson, executive vice president and
chief financial officer for Station Casinos, Inc. "Despite inclement weather,
this project remains on schedule. That is testament to the extraordinary
commitment of the team of individuals working on Red Rock and we celebrate
their professionalism today," added Christenson
Scheduled for completion in early 2006, Red Rock Resort Spa Casino is
located on approximately 70 acres at the intersection of I-215 and West
Charleston Boulevard in the northwest area of the Las Vegas Valley and
is set against the backdrop of the Red Rock Mountains. The Friedmutter
Group architectural firm, who also participated in the design of the popular
Green Valley Ranch Station Resort Casino & Spa in Henderson, Nevada,
designed the resort to blend in with the surrounding environment.
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Station Casinos, Inc. recently announced that due to greater than expected
demand, it is accelerating the Phase II expansion of Red Rock. The project
will now include over 2,800 slot machines, approximately 850 hotel rooms,
94,000 square feet of meeting and convention space, a 35,000 square-foot
spa, nine full service restaurants, 16-screen movie theater complex, a
night club and private pool club to be operated by Midnight Oil Company
(the operator of the "Whiskey" bars and clubs at Green Valley Ranch and
in New York and Los Angeles), both indoor and outdoor entertainment venues
and parking for almost 5,500 vehicles. The Red Rock Resort Spa Casino will
employ approximately 2,000 team members.
Based on increased amenities, an upgrade in the quality of the finishes
throughout the project, general increases in construction costs and the
addition of the Phase II expansion, the total cost of Red Rock is now expected
to be approximately $800 million.
About Perini Corporation
Perini Corporation and its companies (Perini Building Company, Perini
Civil and Perini Management Services, Inc.) provide general contracting,
including building and civil construction, construction management and
design-build services to private clients and public agencies in the United
States and selected overseas locations. Please visit: www.perini.com for
more information.
About Friedmutter Group
Friedmutter Group Architecture and Design Studios provide Master Planning,
Architecture, Interior and Exterior Design, Graphics and Branding to the
hospitality industry. Offices are located in Las Vegas, Atlantic City,
Newport Beach, CA and Chicago. Friedmutter Group specializes in Hospitality,
Casino, Hotel and Entertainment projects, working with the top gaming companies
in the industry including Station Casinos, Harrah's Entertainment, Caesars
Entertainment, MGM Grand/Mirage Resorts, Isle of Capri, Ritz Carlton, as
well as many Native American clients. More information on Friedmutter Group
can be found at www.friedmuttergroup.com.
About Station Casinos, Inc.
Station Casinos, Inc. is the leading provider of gaming and entertainment
to the residents of Las Vegas, Nevada. Station's properties are regional
entertainment destinations and include various amenities, including numerous
restaurants, entertainment venues, movie theaters, bowling and convention/banquet
space, as well as traditional casino gaming offerings such as video poker,
slot machines, table games, bingo and race and sports wagering. Station
owns and operates Palace Station Hotel & Casino, Boulder Station Hotel
& Casino, Santa Fe Station Hotel & Casino, Wildfire Casino and
Wild Wild West Gambling Hall & Hotel in Las Vegas, Nevada, Texas Station
Gambling Hall & Hotel and Fiesta Rancho Casino Hotel in North Las Vegas,
Nevada, and Sunset Station Hotel & Casino, Fiesta Henderson Casino
Hotel, Magic Star Casino and Gold Rush Casino in Henderson, Nevada. Station
also owns a 50% interest in both Barley's Casino & Brewing Company
and Green Valley Ranch in Henderson, Nevada and a 6.7% interest in the
Palms Casino Resort in Las Vegas, Nevada. In addition, Station manages
the Thunder Valley Casino near Sacramento, California on behalf of the
United Auburn Indian Community.
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